Investment Rating - The report maintains a "Buy" rating for Shenzhen International [2][19] Core Views - The company reported a half-year revenue of HKD 6.67 billion, a year-on-year increase of 0.9%, and a net profit attributable to shareholders of HKD 490 million, a decrease of 24.9% year-on-year. The decline in profit is primarily due to the absence of tax income from the REITs in the first half of 2025, which was recorded in the first half of 2024 [9] - The logistics park transformation project is expected to provide significant profit elasticity, with estimated after-tax income contributions exceeding HKD 156.58 billion over the project's lifespan [9] - The company has optimized its debt structure, reducing financial costs, and continues to focus on enhancing operational efficiency and risk management [9] Financial Data and Profit Forecast - Revenue projections for Shenzhen International are as follows: - 2023: HKD 20,524 million - 2024: HKD 15,571 million - 2025E: HKD 16,007 million - 2026E: HKD 16,488 million - 2027E: HKD 17,159 million - Net profit attributable to shareholders is projected to grow from HKD 1,902 million in 2023 to HKD 3,925 million by 2027, reflecting a compound annual growth rate [6][10] - The earnings per share (EPS) is expected to increase from HKD 0.80 in 2023 to HKD 1.60 in 2027, indicating a positive trend in profitability [6][10]
深圳国际（00152）：关注物流园转型升级项目进展，高股息具备吸引力